Live market updates

24th Mar, 2021

RBI extends validity of Authorization issued to Vakrangee for setting-up White Label ATMs till March

Published on: 4:59 pm

  • In major good news, Vakrangee announced on Wednesday that the Reserve Bank of India (RBI) has provided the Renewal of Authorization to the company for White Label ATMs (WLA). The central bank has extended the validity of the Authorization issued to Vakrangee to set up, own and operate WLA in India. The validity has been extended till March 31, 2022.
  • Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd said, “We are happy to announce Renewal of Authorization of our White Label ATMs Business by RBI. ATM is one of the key services offered in our Nextgen Vakrangee Kendra Business Model and it gives confidence to our customers especially in Rural and Semi-Urban centres.” Read more

Emami subscribes 5 lakh compulsorily convertible preference shares of Brillare Science

Published on: 4:51 pm

  • FMCG-player, Emami on Wednesday announced that the company has subscribed about 5 lakh Compulsorily Convertible Preference Shares (CCPS) of Brillare Science.
  • In its regulatory filing, Emami said, "has subscribed to 5,00,000 fully paid-up Compulsorily Convertible Preference Shares (CCPS), having a face value of Rs10  each, of Brillare Science Pvt. Ltd." Read more

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Adani Enterprises clarifies on Adani Wilmar IPO buzz

Published on: 4:45 pm

  • Adani Group's flagship company, Adani Enterprises has clarified stock exchanges over a buzz claiming that Adani Wilmar has hired investment banks and legal advisers for its initial public offering (IPO) worth Rs5,000cr.
  • According to a Mint report,  three people aware of the development said that Adani Wilmar Ltd has hired investment banks and legal advisers to start work on its initial share sale that could see the owner of the Fortune brand of edible oils raise as much as Rs5,000cr.
  • Also, the report cited one of the three people saying that investment banks JP Morgan and Kotak Mahindra Capital have been hired to manage the IPO. Read more

Oil sponsored Mozambique Offshore Area 1 confirms LNG Project financing

Published on: 4:40 pm

  • Oil India Limited, the National Oil Company of India, announced Wednesday that Mozambique Rovuma Offshore Area-l Project has satisfied all the conditions precedent for the first debt drawdown of the project financing, which was finalized by the Project in July 2020.
  • The senior debt financing of USD 14.9 Billion comprises Export Credit Agencies (ECA) Direct Loans, ECA Covered Facilities, Commercial Bank Facilities and a Loan Facility with the African Development Bank. The first drawdown from project financing is expected in April 2021.
  • OIL is a Sponsor in Area 1 Block, through its 40% shareholding in BREML, which holds a 10% Participating Interest in Area 1. The remaining 60% shares in BREML are held by ONGC Videsh Limited. Area-l Project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 13.12 million tons per annum (MMTPA) for which Final Investment Decision (FID) at consortium level was announced on 18th June 2019. Read more

Adani Enterprises subsidiary awarded Rs1,040cr Telangana-based HAM road project by NHAI

Published on: 4:36 pm

  • Adani Enterprises (AEL) announced on Wednesday that a wholly-owned subsidiary, Adani Road Transport (ATRL) has been awarded one more  Hybrid Annuity Mode (HAM) Road Project from the National Highways Authority of India (NHAI).
  • As per AEL's regulatory filing, ARTL recently participated in the tender under the HAM project issued by NHAI.
  • With that, ARTL has received a letter of award (LOA) for the below-mentioned road project in the state of Telangana: Read more

Thomas Cook & SOTC launches exclusive offers 2021 with GoAir

Published on: 4:27 pm

  • Thomas Cook India Limited and its Group Company, SOTC Travel Ltd., announced the launch of a range of exclusive offers in association with GoAir: Full Holiday at Half the Price, Companion Holidays Free, up to 20% off on Flights; also free cancellation available.
  • The offers are valid on bookings received till 9th April, 2021, for travel before 30th September, 2021.
  • Included is an exciting array of domestic as well as international destinations and covers accommodation, meals, sightseeing and transfers. Read more

Happiest Minds delivers digital transformation platform for Cutover UK by leveraging Alyne

Published on: 4:23 pm

  • Happiest Minds Technologies on Wednesday announced that along with Alyne, it has delivered a digital transformation platform for Cutover UK, a leader in Work Orchestration and Observability.
  • Vijay Bharti, SVP, Head of Cyber Security Practice & CISO of Happiest Minds Technologies, said, “Alyne’s content-rich control library, powerful dashboard along with Happiest Minds’ strong expertise in GRC domain, global delivery capabilities, provides best of the breed GRC automation capability to our customers. Leveraging the same, Cutover UK would be able to bring in efficiency while demonstrating their commitment to managing risk and complying to regulatory requirements effectively.”
  • “Through strategic partnerships such as these, the value of Alyne’s platform for GRC automation is further expanded in both expertise and professional services. Together with Happiest Minds Technologies, we look forward to assisting Cutover in becoming SOC 2 Type 1 certified and strengthening their commitment to Cyber Security trust principles,” said Cyrus Ardeshirian, Head of Partnerships, Alyne. Read more

Escorts Agri Machinery increases prices of tractors from April 1

Published on: 4:22 pm

  • Escorts Agri Machinery (EAM), a division of Escorts Limited, shall be increasing the prices of its tractors effective April 1, 2021.
  • Many auto companies like Maruti Suzuki India Limited and Hero MotoCorp have announced price hikes already and many more or likely to follow the suit. The input costs are rising and companies are resorting to price hikes to protect their profit margins.
  • “There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the inflation. The increase in prices would vary across models and variants,” company said in a regulatory filing on Wednesday. Read more

Zydus Cadila reduces Remdesivir price to Rs899 for a 100 mg lyophilized injection

Published on: 4:14 pm

  • In a significant move Zydus Cadila, subsidiary of Cadila Healthcare has made its brand of Remdesivir, Remdac more affordable at Rs899 for a 100 mg lyophilized injection. Remdac which was launched in August 2020 at Rs2800, continues to be India’s most economical brand of Remdesivir and a critical drug in the treatment of COVID-19.
  • This move to further revise the prices will go a long way in helping patients during these critical times.
  • Speaking on the development Dr. Sharvil Patel, Managing Director, Cadila Healthcare Limited said, “Through the course of this pandemic, our efforts have been focused on making therapies accessible and affordable to people. Read more

Confidence Petroleum bags contract to set up CNG MRUs from GAIL-BPCL led joint venture CUGL

Published on: 4:14 pm

  • Confidence Petroleum on Wednesday said that the company has bagged another contract for setting up CNG MRUs (Mobile Refueling Units) on a built and operate basis from Central U.P. Gas Limited (CUGL) besides the earlier contracts from Maharashtra Natural Gas, Pune & Avantika, Indore.
  • CUGL is a joint venture of state-owned companies GAIL and BPCL.
  • Confidence Petroleum said that the company bagged these contracts because of its techno-commercial expertise. Read more

ICRA reaffirms credit rating of Karur Vysya Bank deposits and bonds

Published on: 4:12 pm

  • ICRA Limited has reaffirmed the credit rating of Karur Vysya Bank, the company said in a regulatory filing on Wednesday. The credit rating agency has reaffirmed A1+ rating on the company’s Certificate Deposits Programme. It has also reaffirmed ICRA A (hyb) / Stable rating on Basel III Tier II Bonds.
  • As per ICRA ratings, schedule instruments with this rating of ICA A1+ are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
  • ICRA A (hYb)/ Stable ratings are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk. Read more

L&T commissions Offshore Patrol Vessel ICGS Vajra into Indian Coast Guard

Published on: 3:57 pm

  • Larsen and Toubro informed that L&T-built Offshore Patrol Vessel ICGS Vajra was commissioned into the Indian Coast Guard (ICG) by General Bipin Rawat, Chief of Defence Staff, at Chennai on Wednesday in the august presence of Director General K Natarajan, Director General Indian Coast Guard, JD Patil, Whole Time Director (Defence & Smart Technologies) and Member of the L&T Board and other dignitaries.
  • ICGS Vajra is the sixth vessel in the series of seven OPVs being built by L&T under a MoD contract signed in year 2015.
  • Like the five OPVs in the series, ICGS Vajra was also delivered ahead of contractual schedule. The seventh OPV ICGS Vigraha, was launched in Oct 2020 and is being readied for sea trials. Read more

CARE upgrades rating outlook on Laurus Labs banking facilities

Published on: 3:51 pm

  • CARE Ratings Ltd. has upgraded the credit rating outlook of Laurus Labs Limited to ‘CARE AA-; Positive’ from’ CARE AA-; Stable’ for its long term banking facilities.
  • The credit rating agency revised the rating on the basis of recent developments including the operational and financial performance of the company for FY20 (Audited) and 9MFY21 (Unaudited), company said in a regulatory filing on Wednesday.
  • The rating on long-term bank facilities Rs1,291.81cr was reaffirmed at CARE AA- and Outlook revised from Stable to Positive. The rating on short-term Bank Facilities Rs373.20cr has been reaffirmed at CARA A1+. Read more

Markets closed lower; Banking stocks underperform

Published on: 3:37 pm

  • Markets witnessed a volatile day of trade as the indices saw heavy selling pressure amidst a fear of additional restrictions on account of rising Covid cases.
  • Bank Nifty underperformed the Nifty index by ~0.9% with both the indices closing around the intraday lows. Bank Nifty saw an addition of short positions during the day.
  • Financial stocks like SBI, Axis Bank & ICICI Bank were among the top underperformers, closing the day ~3% lower. Read more

Ind-Ra places India Glycols’ long-term issuer ratings of A- on Rating Watch Positive

Published on: 3:18 pm

  • India Glycols Limited informed the exchanges Tuesday that India Ratings & Research (Ind-Ra) has placed the company’s long-term issuer ratings of ‘IND A-‘ on Rating Watch Positive (RWP).
  • The rating on term loan Rs452.43cr has been placed at IND A-/ RWP. For proposed term loan Rs200cr rating was IND A-/ RWP and fund-based limit Rs415cr at IND A-/RWP/IND A2+/RWP.
  • The credit rating agency placed non-fund-based limit Rs1,153.35cr at IND A-/RWP/IND A2+/RWP. Read more

Vaishali Shah acquires 1.5 lakh equity shares of HKG under open market

Published on: 3:00 pm

  • HKG Limited, a trading company has informed to the Exchanges regarding the aquisition of equity shares by promoter.
  • The Company confirmed about the acquisition of 1,50,000 equity shares by Vaishali Yatin Shah.
  • Vaishali Yatin Shah belongs to the YES (deemed promoter) category of the Company. Read more

Grasim board approves fundraising within borrowing limit of Rs10,000cr on private placement

Published on: 2:57 pm

  • Grasim Industries on Wednesday said that the board of directors have approved a fundraising plan within the overall borrowing limit of Rs10,000cr on private placement.
  • In its regulatory filing, Grasim stated that board approved, "raising of funds (a) by availing of term loans (in INR or foreign currency); (b) or by issue of debt securities including but not limited to the issuance of foreign currency denominated bonds or debentures (in INR or foreign currency) or any other securities (“Securities”) which may be issued in one or more tranches, in India or overseas, within the overall borrowing limit of Rs. 10,000 Crore (previously approved Rs. 7,000 Crore), on a private placement basis or otherwise, in each case from/to the eligible persons, entities, bodies corporate, companies, banks, financial institutions and any other categories of eligible investors permitted to invest in the Securities under applicable laws including the ECB guidelines issued by Reserve Bank of India from time to time and that may be listed in any one or more stock exchanges in India or overseas." Read more

Goldiam International arm appoints Joseph W. Green as CEO

Published on: 2:46 pm

  • Goldiam International has informed that Goldiam USA, Wholly Owned Subsidiary of the Company has appointed Joseph W. Green as a Chief Executive Officer w.e.f  1st Apri, 2021 for its B2B Ecommerce business.
  • At Goldiam USA, Joseph W. Green, will look after operation of B2B Ecommerce business and generate sales growth.
  • Joseph experience includes CEO at JG Development & Consulting New York, SVP Sales at Pure Grown Diamonds New York and EVP Sales at Leo Schachter Diamond New York. Read more

Nifty IT under pressure amid fragile markets as L&T Info, Tech Mahindra, Infosys log sharp sello

Published on: 2:45 pm

  • Nifty IT witnesses selling pressure amid fragile markets sentiments on Wednesday. However, unlike other sectoral indices, the downside in the IT index was at a slower pace. Heavyweight TCS held a calm ground and performed on a higher note compared to peers.
  • At around 2.40 pm, Nifty IT was trading at 25,975.00 down by 130.70 points or 0.5%. The index has touched an intraday high and low of 26,114.60 and 25,738.15 respectively.
  • On the index, Naukri.com was the top underperformer in percentage terms, tumbling nearly 2%. Read more

Power Grid surges 2% after launching certified e-tendering portal “PRANIT”

Published on: 2:31 pm

  • State-owned Power Grid Corporation has established an e-Tendering Portal-PRANIT which will lead to less paperwork and ease of operation, making the tendering process more transparent.
  • The portal has been certified by Standardisation, Testing and Quality Certification Directorate (STQC), Ministry of Electronics and Information Technology, Government of India.
  • In a statement on Tuesday, the Power Ministry said that with this, POWERGRID is now the only organization in India to have an eProcurement solution on SAP Supplier Relationship Management (SRM), complying with all applicable requirements relating to security and transparency as stipulated by STQC. POWERGRID in pursuit of digitalisation has been undertaking several innovative enhancements within the SAP SRM framework. Read more

Market pulse at 2:30 PM today

Published on: 2:30 pm

  • Indices continue to struggle with metal, auto and banking stocks under selling pressure.
  • BSE Sensex is currently trading at 49,494.43 down 557.01 points or 1.11%
  • Nifty50 is currently trading 14,638.50 down 176.25 points or 1.19%. Nifty Bank is trading down 1.91% at 33,531.95 while Mid-cap Index is down by 1.70%. Read more

Zensar Tech reinforces support to Tomorrow Trust by helping South African students to enable e-learn

Published on: 2:26 pm

  • Zensar Technologies has announced that it reinforced its support to Tomorrow Trust by enabling local students to learn and develop their skills. Zensar’s team donated dual-purpose devices with data to Grade 10 and 11 students. These students hail from Soweto, Alexandra, Tembisa, and Daveyton, where Tomorrow Trust provides support to orphaned and vulnerable children.
  • Ajay S. Bhutoria, Chief Executive Officer and Managing Director, Zensar, said, “Building the next generation of talent is of utmost importance. I am very proud of our team’s efforts in South Africa. By providing a platform so these deserving students can develop their skills, we are creating a more stable and brighter future for us all.” Read more

Vascon Engineers jumps 8% after emerging L-1 bidder for Rs516cr projects of Uttar Pradesh Public Wor

Published on: 2:19 pm

Vascon Engineers has emerged as the lowest bidder for two projects of the Uttar Pradesh Public Works Department.

These two projects are:
  • Establishment of New Medical College attached with existing District Hospital, Bijnor amounting to Rs246.09cr. Read more

Tata Son arm Panatone Finvest acquires 10% stake of Tata Communications from Govt; Stock dips 2%

Published on: 2:13 pm

  • Tata Communications has announced that Panatone Finvest Limited has acquired 2,85,00,000 equity shares of the face value of Rs. 10 each (“Equity Shares”) representing 10% of the total issued and paid-up equity share capital of the company.
  • Panatone acquired a 10% stake from the President of India represented by and acting through the Ministry of Communications, Government of India.
  • The transaction was carried through an off-market transfer of shares on March 18, 2021. Read more

Zydus Cadila settles Revlimid patent litigation with Celgene; Stock gains 1%

Published on: 2:03 pm

  • Cadila Healthcare Limited and its subsidiary Zydus Pharmaceuticals has announced that they have reached an agreement with Celgene Corporation, a wholly owned subsidiary of Bristol Myers Squibb relating to patents for REVLIMID.
  • As part of the settlement, the Parties will file Consent Judgments with the United States District Court for the District of New Jersey that enjoin Zydus Cadila from marketing generic lenalidomide before the expiration of the patents-in-suit, except as provided for in the settlement. Read more

Nifty Metal plummets 3% after base metal prices tumble globally; Tata Steel, Hindalco, Hindustan Cop

Published on: 1:50 pm

  • Indian metal company stocks were on a hotbed amid weaker benchmarks on Wednesday tracking global cues selloff. Metal stocks tumbled also after nonferrous metals skidded at Shanghai and London front as concerns about prospects of the economic recovery from the pandemic take a toll on markets sentiments.
  • At around 1.50 pm, Nifty Metal was trading at 3,741 down by 100.95 points or 2.63%. The index has touched an intraday high and low of 3,810.45 and 3,723.90 respectively.
  • APL Apollo, Hindalco,  Hindustan Copper and Tata Steel were top underperformers tumbling nearly 4% each. Read more

Nifty Auto joins markets bear, index sheds 1.75%; Heavyweights M&M and Tata Motors weigh down

Published on: 1:45 pm

  • Nifty Auto Index was under extreme pressure on Wednesday, tracking weak markets. The Index fell 1.75% markets as heavyweights like Mahindra & Mahindra and Tata Motors weghed in.
  • The overall markets fell due to rising Covid-19 concerns. Asian stocks and European equity futures declined Wednesday after setbacks to the recovery from the pandemic weighed on U.S. shares and crude oil, and drove haven trades into Treasuries and the dollar.
  • Auto companies suffered similar fate during Wednesday's trade. At around 1. 45 pm, Nifty Auto was trading at 10,010.50 down 177.15 points or 1.74%, touching a low of 9,991.70 during intraday trade on Wednesday. Read more

Rail Vikas Nigam dives 9% as Centre offloads 15% stake through offer for sale

Published on: 1:44 pm

  • Rail Vikas Nigam was under pressure on Wednesday's trading session as the government offloads about 15% stake through offer for sale (OFS) which began from today onward.
  • The base offer of the issue comprises of stake sale of up to 20,85, 02, 010 equity shares representing 10% of the company.
  • Further, the offer has an oversubscription option where the government can exercise further stake sale of 5% or 10,42, 51, 005 equity shares. Read more

Equitas Small Finance Bank renews partnership with Chennai Super Kings for IPL 2021

Published on: 1:33 pm

  • Equitas Small Finance Bank has announced that it has renewed its partnership with Chennai Super Kings for the IPL season 2021. It will be the ‘Official Retail Banking Partner’ for the team. In line with the brand ethos and the logo positioning at the back of the helmet & cap, it is also going to launch a new campaign titled “The Bank Behind Every Champion”
  • Murali Vaidyanathan, President & Country Head- Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Limited said, “Equitas Small Finance Bank is delighted to associate with a champion team like Chennai Super Kings again. Through this partnership, we will be able to deepen our association and extend our reach to a diverse segment of our population. The new campaign is in line with the philosophy of our brand, which will provide us an ideal platform to build a sustainable society and a responsible tomorrow.” Read more

Market pulse at 1:30 PM today

Published on: 1:30 pm

  • BSE Sensex is trading at 49,467.42 down 584.02 points or 1.17%.
  • Nifty50 is trading 14,633.30 down 181.45 points or 1.22%. Nifty Bank is trading down 1.88% at 33,541.40 while Mid-cap Index is down by 1.26%.
  • Cipla, Asian Paints, Power Grid, Sun Pharma and Divis Lab are the top gainers while Tata Steel, Hindalco, Mahindra & Mahindra, ICICI Bank and GAIL are the top losers. Read more

Sterling and Wilson Solar dives 5% despite promoters announcement to sell two SPVs to repay loans

Published on: 1:23 pm

  • Sterling and Wilson Solar has announced that promoters Shapoorji Pallonji and Company Private Limited (“SPCPL”) and Khurshed Daruvala have announced an agreement with Adani Green for the sale of two SPVs to repay outstanding loans.
  • Sterling and Wilson in its regulatory filing stated that promoters vide their letter dated March 24, 2021, have informed the Company that SWPL has entered into a Share Purchase Agreement on March 23, 2021, with Adani Green Energy Limited w.r.t disposal of 100% shareholding held by SWPL in 2 SPVs. The enterprise valuation of the 2 SPVs is Rs446cr.
  • "SWPL will receive net sale consideration of about Rs250cr and the entire amount of the net sale proceeds will be utilized towards repayment of part of the Outstanding Loans due to the Company," Sterling and Wilson said. Read more

Hero MotoCorp to hike prices by up to Rs2,500 across its products starting April 01

Published on: 1:05 pm

  • Two-wheeler manufacturer, Hero MotoCorp has announced a price hike of up to Rs2,500 across its products. The hike has been made to partially offset the higher commodity costs impact.
  • In its regulatory filing, Hero MotoCorp said, the company will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 1, 2021. The price hike has been necessitated to partially offset the impact of increased commodity costs.
  • Further, Hero MotoCorp said that the will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 1, 2021. The price hike has been necessitated to partially offset the impact of increased commodity costs. Read more

Nifty Pharma defies broader bearish markets trend; Index tops 1% as Cipla, Sun Pharma and Divis Lab

Published on: 12:58 pm

  • Nifty Pharma Index bucked the weak trend to gain over 1% and provide support to the weak markets. Heavyweights Cipla Divis lab, and Sun Pharma lifted the sector while Auro Pharma and Alkem Lab were also bullish.
  • Markets globally and in India as well are struggling as Covid-19 cases are going up globally and that is a major concern. Nifty Pharma however stayed clear of markets bears to emerge as hope amid the gloomy picture.
  • After a gap-down start, at around 12.58pm, Nifty Pharma was trading at 12,017.25 up 110.05 points or 0.92%, hitting a day’s high of 12,053.55 so far during intraday trade on Wednesday. Read more

Tata Communications recognized as Leader in Gartner Magic Quadrant for 8th consecutive year

Published on: 12:56 pm

  • For the eighth year consecutively, Tata Communications, a global digital ecosystem enabler, has been recognised as a Leader in the March 2021 Gartner Magic Quadrant for Network Services, Global.
  • The Gartner Magic Quadrant assesses providers’ completeness of vision and ability to execute.
  • According to the report, “Driven by cloud IT service adoption and accelerated by COVID-19, the market for global enterprise network services is undergoing a generational shift in technologies and provider landscape”. “Services like managed SD-WAN, network on-demand services, NFV and uCPE, which transform the enterprise networking market, are being rapidly deployed to help improve the agility of providers’ network solutions. The inclusion and evaluation criteria for this Magic Quadrant and its companion Critical Capabilities research have been evolved to reflect these trends." Read more

Market pulse at 12:30 PM today

Published on: 12:30 pm

  • Market barometers remain bearish despite surge in Pharma stocks. Metal and banking stocks drag. 
  • BSE Sensex is currently trading at 49,487.63 down 563.81 points or 1.13%.
  • Nifty50 is currently trading 14,643.40 down 171.35 points or 1.16%. Nifty Bank is trading down 1.83% at 33,560.40 while Mid-cap Index is down by 1.10%.
  • Cipla, Asian Paints, Power Grid, Sun Pharma and DR Reddys are the top gainers while Tata Steel, Hindalco, ONGC, Axis Bank and State Bank of India are the top losers.
  • Nifty Metal, Auto, Banking and Financial Services stocks drag the indices while Pharma stocks rise above 1% higher.  
  • Out of 50 stocks traded on the NSE, 10 advanced and 40 declined. Read More

Nifty Bank nosedives 620 pts after SC's latest loan moratorium verdict; SBI, Axis Bank, ICICI Bank d

Published on: 12:18 pm

  • Wednesday's trading session turned into a bloodbath for banking stocks as investors booked profit heavily after the Supreme Court's latest verdict on loan moratorium. All stocks listed on Nifty Bank was trading in the red. In the early trading session, Nifty Bank has slumped by at least 807 points by clocking the day's low of 33,376.75.
  • At around 12.09 pm, Nifty Bank was trading at 33,565.55 nosediving by 618.85 points or 1.81%.
  • RBL Bank and IDFC First Bank were top underperformers tumbling by nearly 3%. Read more

Nifty Realty index sheds 1.6%; Indiabulls Real Estate, Godrej weighs down

Published on: 12:17 pm

  • Nifty Realty stocks underperformed amid bearish market on Wednesday trading session. Majority of the stocks listed in the index were trading in the red. However the losses were offset by heavyweights Phoenix and Prestige which were performing on a higher note.
  • On the contrary, Indiabulls Real Estate was the top underperformer.
  • At around 12:20 PM, Nifty Realty was trading at 336.05 down 5.45 points or 1.60%. It touched an intraday high of 340.60 and an intraday low of 332.95 during early trading hours.  Read more

UFO Moviez ties with Collective Artist Network for social media marketing services

Published on: 12:16 pm

  • UFO Moviez India Limited has entered into an agreement on March 23, 2021, with Collective Artist Network Private Limited (CANPL) for providing social media marketing related services.
  • By executing this agreement, the company intends to maximize the advertising potential of the social media platforms of the Celebrities and Social Media Influencers that CANPL represents.
  • At around 12.19 pm, UFO Moviez India Ltd was trading at Rs76.15 per piece up by Rs0.2 or 0.26% from its previous closing of Rs75.95 per piece on the BSE. Read more

CARE revises rating on bank facilities of PNC Infra’s arm PNC Kanpur Highways

Published on: 12:08 pm

  • CARE Ratings Limited has revised credit rating on the bank facilities of PNC Infratech Limited’s Subsidiary. PNC Kanpur Highways Limited.
  • The rating on long- term bank facilities Rs147.39cr (Reduced from Rsl63.02cr) has been revised to CARE A; Stable from CARE A- / Stable.
  • The company also informed the exchanges that Chhotu Ram Sharma on March 22, 2021 resigned from the position of Independent Director of the Company, due to health issues confirming that there are no other material reasons for his resignation other than mentioned. Read More

Anupam Rasayan lists at a discount on exchanges; Stock tumbles nearly 10% so far on debut day

Published on: 11:53 am

  • Anupam Rasayan India faced the broader bearish market heat during its listing on Wednesday. The company's stock has tumbled to nearly 10% on Dalal Street after touching the 52-week low of Rs501.15 per piece compared to the IPO upper price band of Rs555 per share.
  • Anupam Rasayan listed at Rs534.70 per piece on Sensex, which is at a discount of 3.65% compared to the IPO upper price band.
  • At around 11.50 am, Anupam Rasayan was trading at Rs517.50 per piece down by Rs37.50 or 6.76% on Sensex against the IPO issue price. Read more

Bank of Maharashtra zooms 5.5% after raising capital of Rs100cr via bonds on private placement

Published on: 11:53 am

  • Bank of Maharashtra has successfully raised capital of Rs100cr through private placement of BASEL III Compliant Tier II Bonds.
  • The company on March 23 allotted 1000 bonds of face value Rs10 lakh each. The maturity date for bonds is March 23, 2031.
  • “The said bonds will be listed on the Wholesale Debt Market segment of the BSE Limited,” company said in a regulatory filing on Tuesday. Read More

Nitin Gadkari: Bamboo Industry has potential to be worth Rs30,000cr

Published on: 11:48 am

  • Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Nitin Gadkari states that there is a need to increase demand for bamboo.
  • He said that bamboo has potential to be used as an alternative to coal and can also be used in construction. Gadkari said that use of jute and coir mattresses is soon going to be made mandatory for all NHAI roads. He advocated varied use of traditional materials like jute, coir and bamboo by developing them further. Read More

SC rejects extension in loan moratorium period, allows NPA identification; No charging of penal inte

Published on: 11:37 am

  • Compound interest, interest on interest or penal interest should not be charged on EMIs due during the loan moratorium period starting from March 1 to August 31 last year, directed the Supreme Court in the latest loan moratorium verdict. Such would be implied on any borrowers and irrespective of the loan amount.
  • The apex court states that if such interests have been collected already, then the bank should either refund the amount to the borrower or adjust the charges towards the next instalments. Read more

CARE revises outlook to 'Positive' from 'Stable' on Pix Transmissions' bank facilities, reaffirms ra

Published on: 11:33 am

  • CARE has revised its outlook on the long-term bank facilities of PIX Transmissions Limited to Positive from Stable while reaffirming the rating at CARE A-.
  • The short-term rating has been reaffirmed at CARE A2+.
  • The outlook revision reflects CARE’s expectations that the Company’s business and financial risk profile will continue to improve over the medium term. Read more

Market pulse at 11:30 AM today

Published on: 11:30 am

  • Indices fall further as metal and banking stocks drag.
  • BSE Sensex is currently trading at 49,356.50 down 694.94 points or 1.39%.
  • Nifty50 is currently trading 14,614.10 down 200.65 points or 1.35%. Nifty Bank is trading down 2.07% at 33,476.60 while Mid-cap Index is down by 1.44%.
  • Asian Paints, Power Grid, Cipla, DR Reddys and Sun Pharma are the top gainers while Tata Steel, Hindalco, ONGC, State Bank of India and Axis Bank are the top losers.
  • Nifty Metal, Auto, IT, Banking and Financial Services struggle the most while Pharma stocks continue to gain. 
  • Out of 50 stocks traded on the NSE, 9 advanced and 41 declined. Read more

Lupin ties with Uttarakhand Police to promote 'LupiSafe' hand sanitizers at Kumbh Mela 2021

Published on: 11:20 am

  • LupinLife, consumer healthcare business of global pharma major Lupin Limited, has announced its association with the Uttarakhand Police for Kumbh Mela 2021.
  • During the Kumbh, LupinLife will provide five lakh LupiSafe hand sanitizers to policemen and frontline workers deployed at strategic locations - parking spots, food centres, health centres and bathing areas - in Hardwar to keep them safe from COVID-19 and other infections.
  • LupinLife will also provide brochures to the tourists to ensure they have access to critical information. These include road traffic routes to and from adjoining cities, major bathing dates, demarcated parking spots, etc to help tourists navigate their way easily. The brochures will be distributed at major parking spots to the tourists entering Hardwar by car. Read More

CARE upgrades credit rating on Zee Media Corporation’s bank facilities

Published on: 11:16 am

  • Zee Media Corporation Limited informed the exchanges Tuesday that CARE Ratings Limited (CARE) on reviewing the recent developments including the operational and financial performance of the company for FY20 and 9MFY21 has upgraded the credit rating of long-term Bank Facilities (Term Loan & cash credit) of the company.
  • The credit rating agency upgraded rating on long-term bank facilities Rs134.90cr of the company to CARE B+/ Stable from CARE C / Negative.
  • At around 11.22 am, Zee Media Corporation Ltd. was trading at Rs6.26 down Rs0.19 or 2.95% on the BSE. Read more

TCS ranked second as IT Service Provider of the Year by Everest Group

Published on: 11:06 am

  • Tata Consultancy Services (TCS) has been ranked among the Top Two in the PEAK Matrix IT Service Provider of the Year: ITS Top 20 by Everest Group. Additionally, TCS was named the Leader of the Year in Application Services and Life Sciences, as well as the Star Performer of the Year in Healthcare.
  • The company said in a regulatory filing on Tuesday that awards recognize consistent top performers across the IT services PEAK Matrix assessments published in 2020. Of the 26 evaluations in the area, TCS was positioned as a Leader in 18 reports and a Star Performer in 4. Among industries, TCS was named a Leader in all three banking and financial services assessments – Open Banking IT Services, Risk and Compliance IT Services, and Application and Digital Services in Capital Markets, as well as in both the life sciences assessments – Life Sciences Digital Services and Medical Devices Digital Services. Read more

ICRA upgrades long-term rating on Deepak Nitrite’s bank facilities to AA

Published on: 10:58 am

  • ICRA Limited has upgraded its long-term rating from ICRA AA- to ICRA AA on bank facilities of Deepak Nitrite Limited (DNL). The outlook on the long-term rating has been revised from Positive to Stable. ICRA has also re-affirmed Short Term rating at ICRA A1+ on bank facilities of DNL.
  • ICRA has also re-affirmed the short term rating at ICRA A1+ assigned to the Commercial Paper programme of DNL. Further, ICRA Limited has upgraded long term rating from ICRA A to ICRA AA- on bank facilities of Deepak Phenolics Limited (DPL), a wholly owned subsidiary of DNL.
  • The outlook on the long-term rating has been Stable. ICRA has also upgraded short-term rating from ICRA A1 to ICRA A1+ on bank facilities of DPL. Read more

Dalmia Bharat arm commences commercial production in West Bengal; Stock soars 4%

Published on: 10:42 am

  • Dalmia Bharat Limited has informed the exchange regarding the commencement of commercial production by Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of the Company.
  • The Company has commenced commercial production of Line II having a capacity of 2.25 Million Tons at it Bengal Cement Works(BCW) unit in West Midnapore in the state of West Bengal on 23rd March 2021.
  • This addition will increase the overall capacity of the BCW unit to 4 million tons per annum. Read more

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